Satyam to Consider Additional Strategic Actions
Services Ltd. (NYSE: SAY), a leading global consulting and IT services
provider, today announced that the next meeting of its Board of Directors has
been rescheduled to
“Satyam’s Board of Directors recognizes the serious nature of certain
questions raised by the events of the last two weeks,” said
Chairman and Founder of Satyam. “In order to ensure that these questions are
properly addressed, and that the interests of stakeholders are fully and
carefully considered, Satyam has decided to broaden the scope of its
deliberations beyond a possible buy-back of its stock.”
Additional possible actions include:
— Measures to strengthen Satyam’s governance structure, including
increasing the size and altering the composition of the board.
— Conducting a review of the company’s strategic options to enhance
shareholder value. The company has engaged DSP Merrill Lynch to assist in
— Addressing issues arising from a possible dilution of the promoter’s
stake in the company.
The board is expected to make recommendations on these matters at the
“Satyam takes the interests of its stakeholders very seriously, and we
will take whatever steps are necessary to reinforce their trust and confidence
in the company,” Mr. Raju added.
Satyam (NYSE: SAY), a leading global business and information technology
services company, delivers consulting, systems integration, and outsourcing
solutions to clients in 20* industries and more than 65* countries.
Satyam leverages deep industry and functional expertise, leading
technology practices, and an advanced, global delivery model to help clients
transform their highest-value business processes and improve their business
performance. The company’s 52,865* professionals excel in engineering and
product development, supply chain management, client relationship management,
business process quality, business intelligence, enterprise integration, and
infrastructure management, among other key capabilities.
Satyam development and delivery centers in the US,
690* clients, including 185* Fortune 500. For more information, see
*As of September 30, 2008 Satyam Contacts: For clarifications, write to us at MediaRelations@Satyam.com Or contact: Jim Swords, 703-877-2225 (office), or 571-294-1111 (cell) firstname.lastname@example.org
This press release contains forward-looking statements within the meaning
of section 27A of Securities Act of 1933, as amended, and section 21E of the
Securities Exchange Act of 1934, as amended. The forward-looking statements
contained herein are subject to certain risks and uncertainties that could
cause actual results to differ materially from those reflected in the
forward-looking statements. Satyam undertakes no duty to update any forward-
looking statements. For a discussion of the risks associated with our
business, please see the discussions under the heading “Risk Factors” in our
report on Form 6-K concerning the quarter ended
the Securities and Exchange Commission on
filed with the Securities and Exchange Commission from time to time. These
filings are available at http://www.sec.gov
SOURCE Satyam Computer Services Ltd.